*grins evily* I'm going to run my 10 all the way up to just shy of $12 and see how far he chases.......

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GAIt is being worked on by smart people. -DamienBlack

Anyone else find it strange that the forum gets DOSed during the crunch?

+2^10 I was wathcing gox live 'live' and the forums at the same time. Almost at the exact moment that either the large sell went in or a massive number of bids went south in the book, both streams died. All hosted by Gox now, ofc.

Did we all just get Goxed^2 ?

edit; coincidentally, GLBSE was lagging hella bad too. And S R is still almost unresponsive. Both of those could be people freaking trying to move funds to catch the spike though...

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GAIt is being worked on by smart people. -DamienBlack

welll... so now that things are alive again, is it going to go back in the direction it was heading? Or were we getting played?

If you're not excited by the idea of being an early adopter 'now', then you should come back in three or four years and either tell us "Told you it'd never work!" or join what should, by then, be a much more stable and easier-to-use system. - GAIt is being worked on by smart people. -DamienBlack

the pressure is there. remember this key concept: "WALLS ARE FOR MARKET MANIPULATION ONLY" the agenda behind putting up a wall is never to buy or sell coins but to keep the price high/low before a set time to make a switch (ie. this weekend). the reason they want to keep the price low till the weekend is they don't want to have as much competition for cheap coins. All the REAL trades are done in "the trenches." When people actually want to buy or sell coins they will do it "in the trenches" discreetly selling/buying a couple hundred coins at a time.

So essentially what i'm saying may sound counter-intuitive but here's what i think of "walls" : A large ask wall thats up all day friday is a BULLISH sign. Assuming that they make the switch to the Bid side when the banks close. also a large bid wall thats up all day sunday is a BEARISH sign, because they plan on switching to the ask side when banks open.

The almost perfectly linear Diagonal line shape of the bid side is much more healthy than the "r" shape of the ask side. this is because the bid side is full of "real" traders. People who actually want to buy coins. any time the price changes up or down the bid side is always buying "in the trenches"

Right now, in my opinion, the people that are selling "in the trenches" are being manipulated by that ask wall.

Wow I actually learned something important here. Thanks!

this is why you should ignore walls. in fact, you should almost see them as an indicator of a switch

The almost perfectly linear Diagonal line shape of the bid side is much more healthy than the "r" shape of the ask side.

What about manipulators creating this "organic" line shape at the bid side (maybe via some script)?

then they would have to be selling/buying in the trenches because they would have no wall to manipulate people into undercutting (which protects their wall, so they would have no protection). so their agenda would be to actually sell/buy coins. so this is what manipulators do AFTER a switch, or if they are predicting another manipulator's switch by essentially "calling their bluff".

bottom line is: no matter if its a bot or a bunch real traders, Linear diagonal lines are signs that they actually want to buy/sell. Walls are signs that they don't.

this explains why that counter-argument doesn't make sense.

PLZ STOP GETTING MANIPULATED BY WALLS!! WE CAN FIX THIS OBVIOUS MANIPULATION IF YOU UNDERSTAND HOW IT WORKS

The kind of price action that we are currently witnessing is to be expected and reminds me of my early days trading futures. Back in early 2000, or so, Eurexchange opened up a electronic futures exchange which competed with London's LIFFE, which was open outcry and very very corrupt. Banks where tired of all the slippage caused by the open outcry system and decided to shift their trading to Eurex. All of a sudden everyone had access to trade multiple markets at once (as opposed to being stuck in one pit), and spread trades between different futures contracts became a lot more tradeable. Furthermore, in the early days all order-entry was manually done by a carbon based person, no bots, no algos, no co-located servers etc, so it was all up to the speed and ingenuity of the trader. During the early Wild West days of futures trading, before all the bots made it very hard for humans to gain any edge, there was a legendary trader rumored to be based in Ireland, nicknamed - The Flipper. This trader didn't so much make money out of the market as he did spoofing bids and offers, pulling them all at once and shifting the market and essentially capturing his money from other traders. This lasted until 2005 or so when the market outgrew his capacity for gaming it. You can read about it here:

On another note. Bitcoin needs to have a global exchange that pools all of the smaller exchanges volumes so as to ensure greater order depth. It's silly that a few USD 100K can push the price of bitcoin around by 10+% or so on a single day. Just shows how small and undeveloped this market is.

The kind of price action that we are currently witnessing is to be expected and reminds me of my early days trading futures. Back in early 2000, or so, Eurexchange opened up a electronic futures exchange which competed with London's LIFFE, which was open outcry and very very corrupt. Banks where tired of all the slippage caused by the open outcry system and decided to shift their trading to Eurex. All of a sudden everyone had access to trade multiple markets at once (as opposed to being stuck in one pit), and spread trades between different futures contracts became a lot more tradeable. Furthermore, in the early days all order-entry was manually done by a carbon based person, no bots, no algos, no co-located servers etc, so it was all up to the speed and ingenuity of the trader. During the early Wild West days of futures trading, before all the bots made it very hard for humans to gain any edge, there was a legendary trader rumored to be based in Ireland, nicknamed - The Flipper. This trader didn't so much make money out of the market as he did spoofing bids and offers, pulling them all at once and shifting the market and essentially capturing his money from other traders. This lasted until 2005 or so when the market outgrew his capacity for gaming it. You can read about it here:

On another note. Bitcoin needs to have a global exchange that pools all of the smaller exchanges volumes so as to ensure greater order depth. It's silly that a few USD 100K can push the price of bitcoin around by 10+% or so on a single day. Just shows how small and undeveloped this market is.

Yes undeveloped in the sense that the price of bitcoin is grossly undervalued.